Some Common Mistakes Homeowners Make When Selling Their Home & How to Avoid Them
Buying a home is one of the biggest investments we make in life. So, naturally, when it comes time to sell your home it can be a stressful venture, to say the least. However, just because it isn’t easy, doesn’t mean you shouldn’t do your best to minimize surprises, maximize your profits, and successfully make a return on your investment.
The housing market in Orlando and the Central Florida area as a whole is low in inventory at the moment, which is driving home prices up throughout our area. This doesn’t guarantee a profit from the sale of your home, but if it does increase your opportunity. Here are some common things to avoid in hopes of selling your home quickly and getting a good price.
1. Not Pricing Your Home Appropriately
What your home is worth compared to what it’s worth to you are sometimes two very different numbers. Under and over-pricing are two of the biggest mistakes homeowners make when time comes to sell their properties. Not being realistic about your home’s value can be very costly and drag out the entire selling process. It is vital that you familiarize yourself with the current market and do your research on comparable homes in the area. Armed with these numbers and the value your house has been appraised for can help you set a realistic figure. Has your home been on the market for longer than 30 days with no offers? It might be priced too high.
2. For Sale By Owner
Selling your home on your own could save you money up front, but it will likely cost you in the long run. We’ve talked before about the importance of hiring a professional, but it’s so important that it’s worth mentioning again. Not taking advantage of a professional’s knowledge and expertise – chances are your home will take much longer to sell and for much less than you hoped to get.
3. Bad Presentation
Potential home buyers want to be able to see a house and be able to envision their lives there. If your house is untidy and clutter or empty and unlived in, buyers will often leave with a bad taste in their mouth. Another all too common problem is having poor pictures of your home posted on the web. Chances are buyers will see bad photos of your home and quickly move on to the next one. There’s even evidence that professionally b staged homes sell up to seven times faster than their non-staged counterparts. Just don’t overestimate the allure of a freshly painted, well-lit interior. It could make all the difference.
4. Refusing To Negotiate
Depending on your location and the market, offers on your home may be few and far between. This goes back to properly pricing your property. Be realistic, but leave room for negotiating. Chances are, you will get some low offers, but don’t underestimate how much buyers are willing to increase on their bids. Consider every offer and make smart counter offers. This is also a great time to take advantage of your realtor’s expertise. Most buyers will feel like they are getting a deal if they end up paying just a little below asking price.
5. Not Having a Plan B
Selling a home and buying a new one can be tricky business, especially when it comes to timing. A lot of factors must fall into place before the right deal is made and there is no guarantee when your home will sell or when you’ll close on your new home. In the event that your home sells before you’ve purchased a new one, make sure you have plans on where to live in the meantime and where to store your belongings. Having to make last minute arrangements can be more stressful and costly. Also, be prepared for the event that a deal falls through – these things happen. Preparation is key.
These mistakes are common but can be costly for home sellers. Hiring a skilled realtor can help you avoid falling into any of these categories. Your home is a large investment and it should be treated as such. It pays to spend the time and money to make sure you’re setting your home-sale up for success. Contact one of the expert realtors at the Core Group today to discuss a plan for selling your home. We have years of experience buying and selling properties. We are locals – familiar with the real estate market in and around Orlando/Central Florida, from Oviedo to Winter Springs, Clermont to Windermere – we are here for you.
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